Canadian Halal Investor.

NYSE Shariah screener · October 2026

Is The Williams Companies, Inc. (WMB) Halal?

FAIL

The Williams Companies, Inc. · NYSE: WMB · Energy

The short answer

No - The Williams Companies, Inc. (WMB) fails this Shariah stock screen at the debt gate. Per its FY2025 10-K (filed February 24, 2026), interest-bearing debt was $29,361M (commercial paper $700M, long-term debt due within one year $1,345M and long-term debt $27,316M), which is about 35.32 percent of its ~$83.14B market cap ($67.97 close on October 1, 2026; 1,223,167,472 shares outstanding), above the roughly 33 percent ceiling. The other gates pass: the business is natural gas infrastructure with no disclosed haram segments, and interest income of $40M is about 0.33 percent of revenue ($11,950M), below the 5 percent ceiling. Both third-party screeners that cover WMB decline to certify it: Zoya flags it not Shariah-compliant and Musaffa rates it not halal (both October 2026); no ShariaPortfolio rating was found.

Gate 1 — Business activity: PASS

The Williams Companies, Inc. (NYSE: WMB), headquartered in Tulsa, Oklahoma, is a natural gas infrastructure company. Per its FY2025 10-K (filed February 24, 2026), operations are conducted in four reportable segments: Transmission, Power & Gulf (Transco's 20.6 MMdth/d interstate pipeline system, Northwest Pipeline's 3.8 MMdth/d system, MountainWest's 2,200-mile pipeline system, gas storage, Gulf Coast gathering and processing, and deepwater crude oil pipelines and production platforms in the Gulf of America); Northeast G&P (gas gathering, processing and NGL fractionation in the Marcellus and Utica shale regions); West (gathering, processing and treating across the Rockies, Barnett, Eagle Ford, Haynesville, Permian and DJ basins); and Gas & NGL Marketing Services (wholesale gas marketing and trading). The company also holds a 10 percent equity investment in the Louisiana LNG export project and is building 1.9 GW of onsite natural gas and power generation assets for data centers (in service 2026-2028). Haram check (factual, from the filing): no alcohol, gambling, conventional lending, weapons, pork, tobacco or entertainment segments are disclosed anywhere in Item 1 - the business is gas and oil transportation, storage, processing and marketing. Gate 1 passes. Facts only.

Gate 2 — Debt and cash: FAIL

Per Williams' FY2025 10-K (fiscal year ended December 31, 2025), interest-bearing debt was $29,361M - commercial paper $700M, long-term debt due within one year $1,345M and long-term debt $27,316M; the filing discloses no separate finance-lease line. Against a market cap of about $83.14B ($67.97 close on October 1, 2026; 1,223,167,472 shares outstanding per the Q2 2026 10-Q cover), debt divided by market cap is about 35.32% - above the roughly 33% ceiling. Cash and cash equivalents of $63M are about 0.08% of market cap. Gate 2 fails. Facts only.

Gate 3 — Non-compliant income: PASS

Williams' FY2025 10-K discloses interest income of $40M for 2025 in the notes breakdown of Other investing income (loss) - net ($67M in 2024, $79M in 2023), against total revenues of $11,950M - about 0.33% of revenue, far below the 5% non-compliant income ceiling. Gate 3 passes. Facts only.

Key figures used

Frequently asked questions

What does Williams do?

The Williams Companies, Inc. (NYSE: WMB), headquartered in Tulsa, Oklahoma, is a natural gas infrastructure company operating in four reportable segments per its FY2025 10-K: Transmission, Power & Gulf (Transco's 20.6 MMdth/d interstate pipeline system, Northwest Pipeline's 3.8 MMdth/d system, MountainWest's 2,200-mile pipeline system, gas storage, Gulf Coast gathering and processing, and deepwater crude oil pipelines and production platforms in the Gulf of America); Northeast G&P (gas gathering, processing and NGL fractionation in the Marcellus and Utica shale regions); West (gathering, processing and treating across the Rockies, Barnett, Eagle Ford, Haynesville, Permian and DJ basins); and Gas & NGL Marketing Services (wholesale gas marketing and trading). It also holds a 10 percent equity investment in the Louisiana LNG export project and is building power-innovation assets (1.9 GW of onsite natural gas and power generation for data centers) for service 2026-2028. The filing discloses no haram business segments, so the business screen passes.

Why does Williams fail this Shariah stock screen?

Williams fails at Gate 2, the debt gate. Per its FY2025 10-K (filed February 24, 2026), interest-bearing debt was $29,361M - commercial paper $700M, long-term debt due within one year $1,345M and long-term debt $27,316M (the filing discloses no separate finance-lease line). Against a market cap of about $83.14B ($67.97 close on October 1, 2026; 1,223,167,472 shares outstanding per the Q2 2026 10-Q cover), debt divided by market cap is about 35.32 percent - above the roughly 33 percent ceiling. The business screen passes (natural gas midstream, no disclosed haram segments) and the interest-income screen passes at 0.33 percent of revenue, so the FAIL rests on leverage alone. Both third-party screeners that cover WMB also decline to certify it: Zoya flags it not Shariah-compliant and Musaffa rates it not halal (both October 2026). This is a factual screen, not a religious ruling - consult a qualified scholar for personal rulings.

What is Williams' interest-bearing debt ratio?

Per Williams' FY2025 10-K (fiscal year ended December 31, 2025), interest-bearing debt was $29,361M - commercial paper $700M, long-term debt due within one year $1,345M and long-term debt $27,316M; no separate finance-lease line is disclosed in the filing. Against a market cap of about $83.14B ($67.97 close on October 1, 2026; 1,223,167,472 shares outstanding per the Q2 2026 10-Q cover), debt divided by market cap is about 35.32 percent - above the roughly 33 percent ceiling, so Gate 2 fails. Cash and cash equivalents of $63M are about 0.08 percent of market cap. StockTitan's prospectus coverage independently put Williams' total indebtedness at about $30.8B as of June 30, 2026, consistent with the 10-K figure.

What is Williams' non-compliant income ratio?

Williams' FY2025 10-K discloses interest income of $40M for 2025 in the notes breakdown of Other investing income (loss) - net ($67M in 2024, $79M in 2023), against total revenues of $11,950M - about 0.33 percent of revenue, far below the 5 percent non-compliant income ceiling. Gate 3 passes. Zoya's WMB page shows $42M of interest income for the same year, which matches the Other investing income - net line total ($42M), not the separately disclosed $40M interest-income figure in the 10-K notes - this page uses the primary filing figure.

Do Zoya, Musaffa, or ShariaPortfolio cover Williams?

Zoya covers WMB and flags it not Shariah-compliant (zoya.finance/stocks/wmb; the page's review-date field was blank at the time of checking in October 2026). Musaffa covers WMB and classifies it as not halal as of October 2026 (musaffa.com/stock/WMB/). No ShariaPortfolio screening page or rating for WMB was found - reported as absent, not invented. This page applies the screen directly from Williams' own filings and reports these positions honestly.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).